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Claim No. CFI 027/2013

THE DUBAI INTERNATIONAL FINANCIAL CENTRE COURTS

IN THE COURT OF FIRST INSTANCE

BEFORE JUSTICE SIR RICHARD FIELD

BETWEEN

BGC BROKERS L.P.

Claimant

and

MOURAD ABOURAHIM

Defendant

ORDER WITH REASONS OF JUSTICE SIR RICHARD FIELD

UPON the Judgment of Justice Sir Richard Field dated 31 May 2015: (i) holding that the Defendant was liable to the Claimant under clauses 3 and 4 of a Loan Agreement dated 24 November 2011 to pay the balance outstanding on the loan at the Termination Date calculated in accordance with those clauses; and (ii) ordering the Claimant and the Defendant to file submissions relevant to the currency of the Claim and the appropriate date for the conversion of pounds sterling to US dollars;

AND UPON the Claimant filing their submissions on 14 June 2015 as ordered;

And UPON the Ruling of Justice Sir Richard Field dated 20 July 2015 that the Claimant should serve a re-calculation of the sum sued for, including interest, taking the date of the Claim Form as the applicable conversion date;

AND UPON the Claimant serving particulars of its duly re-calculated claim on 20 September 2015;

AND UPON the Claimant serving further particulars of the calculated claim on 1 October 2015 at the request of the Court dated 29 September 2015;

AND UPON the Defendant making no submissions in response to any of the above submissions and calculations served by the Claimant

IT IS HEREBY ORDERED THAT:

1. The Claimant shall have judgment against the Defendant for the sum of US$294,206.44 made up by way of principal in the amount of US$253,856.64 and by way of interest in the sum of US$40,349.80 at the contractual rate of 4% per annum for the period 21 April 2012 to the date hereof.
2. The Defendant shall pay interest on the said judgment sum of US$294,206.44 at the rate of 0.82429% per annum from the date hereof until payment.
3. The Defendant shall pay to the Claimant its costs incurred in these proceedings to be assessed at the standard rate, if not agreed.

Issued by:

Natasha Bakirci

Assistant Registrar

Date: 11 October 2015

At: 9am 

REASONS

1. As recorded in the first recital hereto, it was held in a judgment dated 31 May 2015 following a trial that the Defendant was liable to pay the Claimant the sum outstanding under clause 3 of a loan agreement dated 24 November 2011, together with interest thereon pursuant to clause 4 of the said agreement.
2. The Claimant reasonably claims that the rate of interest payable under the said clause 4 is 4% p.a.
3. At trial the Claimant presented no submissions as to its entitlement to sue for a sum expressed in US dollars when the currency of the loan agreement was pounds sterling. Further, the date the Claimant had taken as the conversion date was not particularised.
4. The Claimant served post judgment submissions as to its entitlement to sue in US dollars and as to the appropriate conversion date pursuant to an order made in the said judgment. In those submissions it was revealed that the conversion date taken by the Claimant was the date on which the said loan was advanced.
5. In a ruling dated 20 July 2015, I held that the appropriate conversion date was the date of the issue of the Claim Form and invited the Claimant to serve particulars of its claim in the light thereof.
6. By letters dated 20 September 2015 and 1 October 2015, the Claimant served further particulars of its claim for the principal and interest due pursuant to the said judgment and included a claim for interest on the judgment pursuant to DIFC Courts Practice Direction No. 1 of 2009. I am satisfied that those particulars correctly plead the principal sum and the contractual interest due and I have made paragraphs 1 and 2 of the above order on the basis thereof.
7. As to costs, the Claimants succeed on all the issues raised in these proceedings and accordingly they are entitled to the costs of the action to be taxed at the standard rate, if not agreed.

Issued by:

Natasha Bakirci

Assistant Registrar

Date: 11 October 2015

At: 9 am